Do you have clients looking to do a 1031 exchange or purchase more investment property? If so, check these links out …
GombergFinancial.com has an ever-expanding free list of residential income properties for sale.
CoStar.com has a very powerful commercial property search engine. Be ready to open your wallet for this one, though—CoStar charges a fee to browse their listings.
Great basic listings can be found for free at LoopNet.com. Even more information is available for those who choose to become paying members.
Similar to LoopNet, PropertyLine.com has basic listings free of charge (which may provide all the information you need), but you have to pay a membership fee for more information.
NARREIA.com is one of our favorite stops for great real estate investment tips and advice.
The temperature has gone down and it’s about time for you to turn up the heat in your properties. Getting your property ready for winter involves more than just adjusting the temperature, though. Here’s a quick guide to ensure you’ll be ready long before that first storm arrives.
1. Service your heaters. Before winter has the chance to get the best of you, make sure that all your heaters have been serviced (once a year is a good rule of thumb) and make a habit of replacing furnace filters. This will increase efficiency and save energy, keeping your bill as low as possible.
2. Take care of A/C units. Make sure the water valves of any window air conditioning units have been drained and excess water has been cleared from the unit. This will keep your A/C pipes from freezing during the winter months and expand their lifespan significantly. Even better, if possible, remove them from windows altogether as they tend to create cracks for cold weather to seep in.
3. Close your windows. If your property units have storm windows, either send a letter to your tenants advising them to close all storm windows by a specific deadline or give them notice that a maintenance person will be by to take care of it for them. You can also add locks to your windows to cut down on drafts. Fewer drafts equal lower costs. (If you don’t have storm windows try picking up a window insulation kit at your local hardware store for just a few bucks.)
4. Mind the gaps. Speaking of drafts, do you have any seasonal caulking to take care of? Do away with gaps and drafts with a little caulking and weather stripping (corners where two building materials meet and wire and pipe exit points are prime candidates for drafty leaks). Supplies for this are cheap and can be found at any general hardware store. This relatively cheap fix can save you big. According to gas and electric company NStar, “ … reducing air leaks could cut 10 percent from an average household’s monthly energy bill.”
5. Book your plow ahead of time. Now that you’ve braced your units from the blustery weather, make sure you have all the supplies and vendors you’ll need lined up. Weather may be unpredictable but you can have a plan of action ready to roll out as soon as that first storm hits. Price out and select a plower ahead of time, securing a deal so that once that first snow hits and everyone else is frantically calling for snow removal, you’ll be sitting pretty.
6. Stock up on salt. Prepare for even the most unpredictable weather by keeping salt on-hand. (Also, you’ll avoid the frantic lines when everyone else is trying to buy their salt and shovels in the hours before a storm is scheduled to set in.) Once the weather does set in, lay down the salt as soon as possible. Icy ground is an accident waiting to happen and you don’t want to be held responsible for anyone’s bad slip.
7. Cover up your floors. Speaking of salt, that’s just one of many things tenants may trudge in during stormy weather. Lay down mud carpets to protect communal floors and carpets. This is another cheap fix that can save you big, potentially extending the lifespan of your floor and carpet tremendously.
And last but not least, a bonus tip. Despite all your best planning, the fact of the matter is your heating bills are going to be higher in the winter. Plan ahead for this by budgeting ahead of time, in those warmer months when winter is but a distant memory. Some utility companies also offer a flat annual rate to even out gas and electric costs throughout the year—this may be worth looking into for those property managers who live in particularly cold climates.
Here’s this week’s batch of cool real estate and property management blogs and websites:
It doesn’t get much more user-friendly than this! Visit PMDave.com to view helpful video blogs compiled by property manager Dave Dugdale.
If you’d rather read your news than watch it, Dave Dugdale also runs the RentVine.com blog, which specifically looks at the rental advertising industry (the site also offers property management podcasts for those of you on-the-run).
Are you in the loop with RentBits.com? Tenants from all around the country are going here to find their next rental unit.
For better or worse, preparing units for turnover is part of every property manager’s job. There’s good news, though. Just a few simple strategies can go a long way toward making the turnover process more efficient and cost-effective. Best of all, chances are turnover will ultimately generate a higher rent rate for your unit.
Finish up the final walk-through.
Believe it or not, readying your unit for the next tenant actually began when your current tenant moved in. Yup, you read that right. Before the current tenant (we’ll call him Tenant A) moved in, you likely walked though the unit with him, preparing a written report on the condition of the property. Since Tenant A is now leaving, it’s time to do a walk-through again, taking note of any work required before re-renting the unit.
Most likely, you’ll find only normal wear and tear issues. If anything abnormal is discovered, you and Tenant A will need to discuss a reduction in his deposit refund.
Schedule vendors in advance.
You’ll want to touch base with your vendors as soon as Tenant A submits his notice. Try to schedule any necessary work for the week right after the tenant moves out. This allows plenty of time to cover the basics: a professional-grade clean, carpet shampoo, painting, and any other improvements or upkeeps you deem necessary. Something as simple as lining vendors up in advance will allow you to get your next tenant in as quickly as possible.
Time for some home improvements?
If you’ve been contemplating making improvements to the unit, this might just be the time to do it. New light fixtures, additional electrical outlets, and other relatively simple renovations can potentially generate a higher rent from your new tenant. This is also a great opportunity to get exterior work done so your tenant won’t be bothered with construction in the future.
Re-key … it’s worth it.
It’s tempting to skip the re-keying process during a unit turnover. But even if it seems like a hassle or unnecessary expense, you should absolutely have the locks re-keyed. It’s much cheaper to re-key a lock than to pay for a lawsuit resulting from unauthorized access to the unit. There are even do-it-yourself kits—Change-A-Lock has a great selection for locks of all types.
Keep careful records.
It’s probably not the most pressing part of your job but keeping a careful record of unit expenses is another little thing that goes a long way. If you happen to be dealing with a unit has a high turnover rate, cleaning and basic upkeep costs can accumulate quickly. By tracking expenses you’ll know exactly where you stand and can avoid over-spending in cases where it’s simply not necessary.
Good records will also give you quick access to the information you need to make good business decisions in the future. For example, if you’re considering raising rent but are worried current tenants may vacate as a result, knowing exactly how much unit turnover preparation costs can help you make the best, most profitable decision.
Unit turnover is unavoidable but with an efficient strategy in place a smooth, cost-effective transition from one tenant to the next is just a few simple steps away.
We’d like to hear about your favorite property management, real estate investment, and general real estate news sources. Knowing what publications you find most useful will help us create the content you need. Please take a minute to answer the poll questions below and leave comments about what you do and don’t like about these publications.
Posted by Buildium 
